The average rent in the Colorado Springs metro area rose year over year for the tenth quarter in a row, climbing 2.3 percent during the second quarter to $776. According to a report released today by the Colorado Division of Housing and the Apartment Association of Southern Colorado, the average rent for the region was up from $759 reported during the second quarter of last year, and was also up from 2012’s first-quarter average rent of $754.
The average rent increased year over year in all sub-markets measured during the second quarter except the Southeast region where the average rent fell 5.1 percent to $638. The average rent increased the most in the Security/Widefield/Fountain region where it was up 7.9 percent, year over year, to $622.
“The rent growth in the metro area continues, but the rate of increase has fallen off recently,” said Ron Throupe, a professor of real estate at the University of Denver’s Burns School of Real Estate and Construction Management, and the report’s author. “The weak employment situation in the region is not ideal for pushing rents, so we’re seeing some moderation there.”
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